A brand-encoding system helps in understanding how to position a product with a brand name for a specific market and desired image

Stephen Company had the following partial list of account balances at year-end: Accounts Receivable: $9,000 Cost of Goods Sold: $34,100 Sales Revenue : $57,200 Accounts Payable: $7,500 Sales Discounts: $1,600 Merchandise Inventory: $5,900 Operating Expenses: $8,400 Sales Returns and Allowances: $4,300 The amount of Gross Profit shown on the income statement would be:

A) $ 26,200 B) $ 8,800 C) $ 17,200 D) $ 8,200 E) $ 11,300

Loss adjustment expenses refer to the costs surrounding the loss settlement process.

a. true b. false